As tax season hits, it's time for the annual chorus of "NYC property taxes make no sense." This year, the theme seems to be how little the city's rich co-op owners pay in property taxes compared to the rest of us, thanks to a state law that calls for co-op buildings constructed before 1974 to be assessed as if they were rent-stabilized. The Post and Crain's provide some examples for anyone who wants a good dose of bitterness before lunch. At 810 Fifth Avenue, where sales have topped $30 million, taxes are only $10.91 per square foot. 778 Park Avenue was valued for tax purposes at $25.7 million last year?less than the price of a single unit in the building. And at 740 Park Avenue, the building is assessed at $63.354 million, which is higher than the $20 million to $30 million going rate of one of its co-op apartments but about the same amount as at 333 East 56th Street, a rental building where 1BRs go for about $3,000/month. "There's no such thing as a one-bedroom at 740 Park Ave.," sniffs the Post. But maybe the low taxes can finally find this place a buyer?
· Housing crunch and property tax [Crain's]
· Property tax loophole saves millions for owners and tenants at city's poshest address [NYP]